At what enterprise value was EMMA acquired in 2026?

You can find the full valuation details of EMMA on mynth capital. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Retail & Consumer industry currently tracks an average EBITDA multiple of 11.0x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of EMMA when it was acquired by FRENCH FOOD CAPITAL / BPIFRANCE?

The exact EV/EBITDA multiple for EMMA is available on mynth capital. For comparison, the Retail & Consumer sector currently shows an average EBITDA multiple of 11.0x. Join our community for free to access full valuation data and industry trends.

When was EMMA acquired by FRENCH FOOD CAPITAL / BPIFRANCE?

EMMA was acquired by FRENCH FOOD CAPITAL / BPIFRANCE in 2026.

What was the revenue of EMMA at the time of the deal?

The revenue of EMMA at the time of the deal is estimated to be in the range of 10M - 30M EUR. Register for free to access the full transaction report and exact valuation multiples.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the EMMA acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the EMMA deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://frenchfoodcapital.com/frenchfood-capital-annonce-son-investissement-dans-le-reseau-de-boulangeries-emma/

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Home Database Retail & ConsumerEMMA

07/2026

FRENCH FOOD CAPITAL & BPIFRANCE invest in EMMA

FRANCE Hospitality & Leisure / Hospitality / Restaurants / Chains REV 10M - 30M EUR

Context

The Emma bakery network disclosed on July 2026 the consummation of its inaugural leveraged buy‑out, whereby FrenchFood Capital, a specialist agrifood investment vehicle, acquired a minority equity position alongside Bpifrance. The transaction, structured by Sevenstones and launched in January, attracted approximately ten competing fund proposals before FrenchFood Capital was selected on the basis of its sectoral acumen and long‑term commitment. The deal facilitates the divestment of co‑founder Thibault Pillet, who has withdrawn from day‑to‑day management, and enables Louis Lepicard to realize a partial exit, thereby rebalancing the shareholder base. From the buyer’s perspective, the investment aligns with FrenchFood Capital’s strategic logic of external growth (opération de croissance externe) within the French artisanal bakery segment. By securing a minority stake, the fund can embed a cohort of senior executives—among them the recently appointed General Manager Julien Sauvageon—into the capital table, fostering governance synergies with existing portfolio assets such as La Boulangerie and Chapon. The partnership also leverages a senior bank loan syndicate led by CIC Ouest, Crédit Agricole Atlantique Vendée and Crédit Mutuel, providing the necessary leverage to fund organic expansion while preserving equity flexibility. The anticipated operational impact centers on a rapid scaling of Emma’s footprint. Management has articulated a target to triple the network size within the forthcoming years, primarily through organic openings in the Nantes hinterland and a franchising rollout across the remainder of France. The infusion of capital, combined with the advisory support of Eight Advisory, Sevenstones and CVS Avocats, is expected to accelerate store development, standardize operational processes, and enhance profitability margins through economies of scale. The transaction therefore constitutes a catalyst for sustained growth and value creation under a clear integration logic (logique d'intégration).

EMMA, which reported an EBITDA margin of LOGIN in 2026, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Retail & Consumer sector (11.0x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Emma is a French bakery chain headquartered in Nantes, operating a network of artisan bakeries that combine traditional French baking techniques with a standardized operational platform. Since its inception a decade ago, the brand has opened 17 outlets concentrated in the Nantes metropolitan area, each delivering a portfolio of breads, viennoiseries and patisserie items produced on‑site to ensure product freshness and consistency. The business model is vertically integrated: dough preparation, fermentation and baking are performed within each store, while a central supply hub manages procurement of raw materials, quality control and logistical coordination. Emma pursues a dual growth strategy. Organic expansion is driven by company‑owned stores in the core region, whereas market penetration beyond this geography is facilitated through a franchising framework that grants franchisees access to the brand’s standardized recipes, training programmes and supply chain services. The franchise model emphasizes uniform customer experience across locations, supported by an omnichannel distribution approach that includes in‑store sales and a limited online ordering capability for pickup. The client base comprises retail consumers seeking high‑quality, freshly baked products for everyday consumption and occasional specialty purchases. Emma’s strategic footprint is currently limited to western France, with a roadmap that targets replication of the proven store concept across additional French territories through both corporate and franchise channels.

Ent. Value

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2026

2025

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REFERENCES

Revenue range: 10M - 30M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of EMMA by FRENCH FOOD CAPITAL / BPIFRANCE are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: emma

Acquirer: french food capital / bpifrance